Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Yup.
20k and 16k buys.
Also Ed Hooper has taken another 40K in shares rather than cash so another effective buy.
Lastly, the options are set at 63p which again is fair as they are only in the money when the SP goes up.
Onward and upward!
Loaf of Bread 1 Jul '23 - 13:51 - 5510 of 5512 Edit
My money is on a few more director buys.
loafofbread1 Jul '23 - 19:54 - 5511 of 5512 Edit
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Market cap after Fridays announcement is approx £100M.
Glycotest is going for the liver test but same sized market.
The market values our Glycotest investment at zero but with (delayed)results by year end you can see what could happen.
Renalytix plc
("Renalytix" or the "Company")
FDA Approves KidneyIntelX.dkd(TM)
FDA Grants De Novo Marketing Authorization for KidneyIntelX.dkd to Assess Risk of Progressive Kidney Function Decline in Adults with Diabetes and Early-Stage Kidney Disease
LONDON and SALT LAKE CITY, June 30, 2023 - Renalytix plc (LSE: RENX) (NASDAQ:RNLX) announces that the U.S. Food and Drug Administration (FDA) has granted De Novo marketing authorization for its KidneyIntelX.dkd(TM) prognostic test. This affirms KidneyIntelX as a first-in-class, artificial intelligence enabled prognostic testing platform to guide care management for adults with type 2 diabetes and early-stage chronic (diabetic) kidney disease. Renalytix believes FDA authorization will lead to increasing test adoption, informing clinical guidelines, expanding insurance coverage, and pursuing additional international regulatory approvals.
" Meeting the rigorous safety, clinical and analytical validation, and scientific data requirements of an FDA review, from Breakthrough Device designation to De Novo marketing authorization, is a landmark event for health care providers and patients with diabetic kidney disease," said James McCullough, CEO of Renalytix. "With this approval, a new class, Prognostic Test for Assessment of Chronic Kidney Disease Progression, has been established by the FDA, providing a roadmap for future expansion of KidneyIntelX into new indications and products."
KidneyIntelX.dkd accurately stratifies patients into three risk levels (low, moderate, and high). This result provides comprehensive information on patient risk for progressive decline in kidney function within five years, independently of the current standard of care measures. KidneyIntelX.dkd is the name used to differentiate tests to be provided under the De Novo marketing authorization by the FDA from those provided under the KidneyIntelX name as a Laboratory Developed Test.
Since being introduced as a Laboratory Developed Test (LDT), KidneyIntelX results have been reported on approximately 10,000 patients in the United States and there has been broad insurance payment including from Medicare and many private payers.
The KidneyIntelX platform combines blood-based biomarkers with clinical variables using an artificial intelligence enabled algorithm, providing reliable and actionable information to guide care in large, at-risk patient populations. KidneyIntelX is based on technology developed at the Icahn School of Medicine at Mount Sinai in New York, NY, and licensed to Renalytix.
Personally investing more into listed vehicles would be entirely the wrong strategy. The co-investment and AUM approach clearly is working well in reference to the NAV. The ability to benefit from portfolio company growth with a clear leveraged upside by using managed funds, thereby also limiting downside on any portfolio failures - and the need for capital.
Today's Dname up round is worth £0.7m gain to NSCI and WH Ireland have increased their TP to 186p (from 180p).
This is equivalent to about 5% of the current market cap (of £14m).
GLA
Agreed but most holdings are illiquid and the sector is not much in vogue.
They should get some more listed holdings to broaden holding types.
Prob is they so undersell the company that the sp is to low to get a couple of mill in for such stuff.
At least Edison did a decent research note on Proaxis many years ago - now we know nothing about the company
NSCI just added £2M to our asset value on a M Cap of £16M and no-one sees to have noticed.
SP should be up by 6p ffs.
Aim is totally fooked.
Hats off to the company for a very good deal.
Vortex £3M
SageTech £1M
QBot. £3M+
PDSB. £8M
Cash. £1M
The ones above have real world values and equal our Market Cap.
Glycotest is valued at £11M in the books. Even if it turns out to be worth zero by year end this company is seriously undervalued.
SageTech Medical announces distribution agreement with Draeger UK
Jun 9, 2023
SageTech Medical is pleased to announce the signing of a distribution agreement with Draeger Medical UK Ltd.
The agreement paves the way for Draeger UK’s NHS Supply Chain customers to purchase SageTech’s leading anaesthetic gas capture machine.
SageTech Medical launched the SID-Dock waste anaesthetic gas capture machine in January 2023, which is a UKCA Marked, Class 1 Medical Device for the safe and sustainable capture of volatile anaesthetic gases, addressing the unmet need to prevent 2% of NHS carbon emissions each year.
Iain Menneer, CEO of SageTech Medical said “This agreement makes it simple for our mutual NHS customers to gain access to our innovative gas capture technology. The agreement aims to accelerate our mission to help healthcare providers prevent the significant pollution caused from the use of these vital anaesthetic gases and reduce the raw materials used and associated carbon emission in their virgin manufacture”.
Matthew Bedford, Managing Director Sales & Service, Draeger UK & Ireland said “We are very pleased to enable Draeger’s UK customers to access SageTech’s gas capture solution to help in the ongoing challenge of reducing the potential environmental impact from waste anaesthetic gases. We have enjoyed our collaboration with the SageTech Medical team and look forward to this agreement supporting our customers to make significant steps towards Net Zero”.
Notes:
SageTech Medical Equipment Ltd was started in 2015 to develop innovative solutions to environmental problems, initially in human and veterinary healthcare. SageTech Medical launched its solution in January 2023 to prevent the release of millions of tonnes of CO2 equivalents of waste anaesthetic into the atmosphere each year from hospitals around the world.
Dräger is an international leader in the fields of medical and safety technology. Since 1889, Dräger products protect, support and save lives. The Dräger Group is currently present in over 190 countries and has more than 16,000 employees worldwide.
Huge congratulations to all those selected as finalists for the Annual EISA Awards 2023. Winners will be announced at the House of Lords on Thursday 22nd June.
Thank you to everyone who entered this year. Our judges saw more than 100 entries and the standard of competition has been extremely impressive. Best of luck to all those shortlisted!
Best EIS Investee Company Sponsored by Guinness Ventures
Integrated Graphene Medwise AI
Q-Bot Novai
GenoME Diagnostics Scan.com
Also...
Sagetech just finishing a crowd fund that values it approx £17M, so our fair value of $0.9M is bang on.
Current share price is an open goal IMHO
I see the mis-information continues!
V poor de-ramp - could do better if you used AI.
Many of the investments made are near worthless. The stakes owned have been way overvalued and the sector is completely out of fashion. Investors want AI and tech. I did well out of these when it went to 1p after a forced seller....and we know who the big holder was.
So NSCI is falling off a cliff as the big holders dump. Another 10 per cent today. My guess is the NAV is less than 50p based on the prices that could be achieved. I think a lot lower is on the way. At some stage things will turn but not before some big discounts placings and so on. The mkts are just nasty at this time.
Evidently a false tweet caused havoc [since removed] - rebounded after hours to $7.87.
Level of mis-info getting ridiculous but how do you control the social media menace?
Anyone know why the large drop?
L
How does the BOD still value Glycotest at £11M when the market values it at close to zero?
Sorry, I meant the market price would be at an estimated 44% discount to NAV!
Re-reading the annual report and their recent presentation I almost fell off my chair reading the 30% holding in Recycling Technologies Ltd could actually be worth a whole lot more. There was a planned and cancelled IPO at a premoney of £80m. If that can be replicated that doubles the NAV of NSCI. 30% would rerate the £0.5m book value to be worth £24m.
Looking at companies house records the business had £9.7m of assets, which were written down and sold by the insolvency practioner for just £1.1m. So I would guess that the £0.5m value by NSCI includes a contribution of £170k of cash into that business along with £0.33m for the 30%.
You can read this for yourself here: https://find-and-update.company-information.service.gov.uk/company/07528795/filing-history?page=1
Or put another way, the current price could actually be an astonishing 70% discount to NAV (NAV £51.9m; market price £16.1m) based solely on some fairly reasonable assumptions - and based on progress in just a few of the holdings.
GLA
Don't really understand the concern here since NSCI holds 1.34m shares in PDS which is NASDAQ listed and at current price of $9.42/share translates to £10.1m of liquidity - if needed - and as they point out on page 23 of the annual report.
Also not inconceivable that some of its existing holdings could be syndicated to its managed capital via Martlet or via EMV.
Of course £10.1m is a £4.6m movement down on NSCI's NAV as at 31/12/23. So net assets are £20.6m or 25% above the current market price. But taking into account what we know around progress and funding rounds at Glycotest, Sofant, Qbot, EMV, a net assets price at or above £24m+ appears a reasonable estimate. If PDS reverts to it's $13.2 price point. That reaches £28.6m+ net assets..... or 44% discount to the current market price.
Certainly all appears to be heading in the right direction, and happy to hold here.
GLA
Well spotted.
'Whilst a placement of NetScientific shares remains an available option, the Board has no current intention to pursue that in light of the Company's current share price relative to its net assets.'
This is reassuring as another placement at a ludicrous discount would be a huge negative.
Having read this more than happy to add given massive value on offer.
Added to that, in the same note they also appear to rule out share placements due to the low SP in relation to fair value. Think the market may like this when it is fully digested
Pretty happy, particularly pleased with note 3 (Going Concern)...
The Group requires a minimum of approximately £1.5 million to continue as a going concern, assuming that its subsidiary portfolio companies continue to be fully funded by external financing as expected. This amount can be financed through several options, either on their own or in combination, including accelerating revenues at Group level, partial or full exits from portfolio company stakes, soft and non-dilutive finance, and/or a placement of NetScientific shares.
Potential of only 1.5m being required to June NEXT year, not even this, would be incredible. Admittedly this is "minimum" but is significantly less than I ever envisaged
June 22 valuation was £29.2M when PDSB was worth £4M.
April 23 trading update talked of a sig uplift in NAV (not PDSB)
As of Friday PDSB worth £10M+
So NAV £35M without the new valuations.
SP 70p giving M Cap of £16M.
Go figure!
PDSB is up around $9 a share in pre-market trading from a close of $6.72.
In terms of numbers / valuation for NSCI: they own a 4.7% stake last I checked, which at yesterday's close was worth £7.3m, at $9 a share that stake is worth £9.7m which in theory should be a 10p jump in the NSCI share price. Obviously the PDSB share price will move a lot today (and pre-market is illiquid and volatile) so these figs will change a lot.
If PDSB share price was $15 (not that I think it will trade there today) then NSCI's stake would be worth their entire market cap.
NSCI total market cap (@70p) is around £16.4mio and the stake in PDSB makes up almost £10mio of that, so the other bits (Sofant, Proaxsis, Glycotest, EMV) make up less than £7mio which is way undervalued from any comparable measures I have looked at.
I mean look at the Sofant news this week - are you telling me after that Sofant is worth less than £1mio? I'm not saying they are worth £10mio but they are well into 7 figures. Same Proaxsis, Glycotest, EMV and another dozen+ companies.
For the moment very few really know about NSCI or want to own the stock, hence the share price still down here, it's all about AI.
The results posted last night were pretty staggering. They confirm 100% the mode of action for PDSB.
Keytruda is the biggest selling drug in the world doing approx $25B of sales a year.
Add PDS0101 to Keytruda and it is twice as effective and patients are living twice as long (and still going) with less side effects.
If the PDSB platform works across other cancers with Keytruda then do the maths.
MRK is one of the richest companies in the the Bio world and won't want to lose PDSB.
In measuring the efficacy of PDS0101 in combination with KEYTRUDA®, the abstract highlights the following interim data:
Estimated 12-month overall survival rate was 87.1%. Published results are 36-50% with approved ICIs used alone*.
Median progression-free survival was 10.4 months (95% CI 4.2, 15.3). Published results are median PFS of 2-3 months for approved ICIs when used as monotherapy in patients with similar PD-L1 levels*.
A disease control rate (disease stabilization or tumor shrinkage) of 70.6% (24/34)
Confirmed and unconfirmed objective response rate was 41.2% (14/34 patients), which is identical to the preliminary response rate data PDS Biotech previously reported at ASCO 2022 (7/17 patients). To date these responses have been confirmed in nine of the 34 patients (26.5%), including one complete response.
15/34 patients (44.1%) had stable disease.
9/34 patients (26.5%) had progressive disease.
4/48 (8.3%) of patients had a Grade 3 treatment-related adverse event (TRAE). No Grade 4 or higher TRAEs were observed.
Excellent news pdsb likely to be worth more than nsci market cap on its own imho
https://www.globenewswire.com/news-release/2023/05/25/2676752/37149/en/PDS-Biotech-Announces-Interim-Data-Demonstrates-12-Month-Survival-Rate-of-87-with-PDS0101-in-Combination-with-KEYTRUDA-pembrolizumab-for-Head-and-Neck-Cancer-Patients.html